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Chapter 2: Economic Systems Flashcards | StudBud

Explore/Chapter 2: Economic Systems

Chapter 2: Economic Systems

11 terms·StudBud Administration·166 plays

Economics Chapter 2

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Questions 11

Answers

1
Market -
A place where you can freely exchange goods and services
a system based on customs
the process of freely exchanging goods and services
Store
2
Most Countries are actually a ____ Economic systems
Command
Market
Mixed
Traditional
3
The United states is an example of ____ economic systems (NOT MIXED)
Command
Market
Mixed
Traditional
4
Characteristic of the American Economy that allows people to open a business
Freedom of enterprise
Freedom of choice
Profit Incentive
Limited role of government
5
Which is not one of the three basic questions every economic system faces
Where to produce
What to produce
For Whom to Produce
How to Produce
6
Characteristic of the American Economy that allows people own property
Freedom of enterprise
Limited roll of government
Competition
Private Property
7
economic equity
expansion of the economy to produce more goods
wise use of available resources
material well-being of a nation
attempt to balance an economy so that everyone benefits
8
a system where the government owns the major factors of production
Proletariat
Socialism
Communism
Capitalism
9
Who controls the factors of production in a Command System
the business
the government
the people
the stock holders
10
What is Laissez-faire
lazy people
defense
Let them do
protection
11
the material well-being of a nation
economic growth
economic efficiency
standard of living
stability